MADCash raises RM5 mil to empower women entrepreneurs

MADCash Sdn. Bhd., a pioneering fintech startup dedicated to providing zero-interest microfunds to women entrepreneurs, proudly announces the successful completion of its pre-series A funding round. The company secured a significant RM5 million investment, with leadership from Artem Ventures and robust backing from MSW Ventures and ScaleUp Founders Fund.

These freshly acquired funds will be instrumental in enhancing MADCash’s online platform through the integration of AI technology, covering essential operational and marketing expenses, and exploring expansion prospects across the Southeast Asia region.

MADCash, an acronym for Multiply, Assist, Donate Cash, is on a mission to fund and nurture unbanked and underbanked women entrepreneurs, with the ultimate goal of creating an alternative credit scoring system that enhances their future financial prospects.

MADCash empowering women entrepreneurs

MADCash is set to reach a significant milestone by extending its support to over 800 women by the end of this year. Among its notable partners are Hong Leong Islamic Bank and PayNet, institutions committed to advancing financial inclusion and empowerment.

The core ethos of MADCash is to foster economic growth by empowering women entrepreneurs who often face barriers to access traditional financial services. By providing zero-interest microfunds, the fintech startup not only offers vital financial support but also facilitates the creation of an alternative credit scoring system. This scoring system increases the future bankability of women entrepreneurs, enabling them to access larger financial opportunities.

Nuraizah Shamsul Baharin, the Managing Director of MADCash, expressed her enthusiasm, stating, “We are thrilled to welcome new partners on board at this pivotal moment, especially with our upcoming launch of MADCash Academy. With the unwavering support of Artem, MSW, and ScaleUp, we are poised to make a more significant impact on society.”

The successful completion of the pre-series A funding round is a testament to the confidence and belief of investors in MADCash’s mission and its ability to drive positive change in the entrepreneurial landscape. It reinforces the importance of financial inclusion and gender equality in the pursuit of sustainable economic growth.

Tunku Omar Asraf, Principal of Artem Ventures, lauded MADCash for offering financial inclusion and capacity building to underserved women entrepreneurs, recognising the pivotal role it plays in bridging the gender inequality gap and fostering economic growth in the Southeast Asia region.

Fostering growth and self-sufficiency

In line with its ambitious growth trajectory, MADCash has welcomed Musyrifah Malek as a Co-Founder. Her extensive legal background and expertise will be instrumental in advancing the company’s corporate governance policies and practices, ensuring its continued success and impact within the industry.

Jeffrey Seah, representing MSW Ventures, praised Nuraizah’s profound understanding of the intricate landscape of micro-financed entrepreneurship in the digital economy. He underscored her role in forging a program-based business model that empowers women entrepreneurs, enabling them to attain self-sufficiency beyond mere sustenance.

The addition of Musyrifah Malek to the leadership team underscores MADCash’s commitment to responsible and ethical business practices. It aligns with the company’s vision to provide a supportive and transparent environment for women entrepreneurs, fostering their growth and self-sufficiency.

MADCash’s journey represents a powerful example of how fintech can be harnessed as a force for positive change, addressing critical issues such as financial inclusion, gender equality, and economic empowerment. The company’s ongoing efforts to support women entrepreneurs and build a fairer financial ecosystem hold the promise of reshaping the future of entrepreneurship in Southeast Asia.

Renuka Sena, Senior Partner at ScaleUp Malaysia, commended MADCash’s remarkable journey of progress. Since its entry into the accelerator program in 2022, the fintech startup has transformed from supporting 83 women with a modest US$20K in microfunds to managing funds totalling US$700K. These achievements exemplify MADCash’s commitment to uplifting women entrepreneurs.

The successful conclusion of MADCash’s pre-series A funding round heralds a new chapter in the fintech startup’s mission to empower women entrepreneurs and bridge the financial inclusion gap. With RM5 million in fresh investment and an unwavering commitment to its cause, MADCash is poised to accelerate its impact on society, create alternative credit opportunities for women entrepreneurs, and contribute to the economic growth of the Southeast Asia region.

As MADCash expands its reach, embraces innovative technologies, and welcomes new leadership, it stands as a beacon of hope for women entrepreneurs facing challenges in accessing financial support. The company’s dedication to financial inclusion and gender equality serves as a testament to the transformative potential of fintech in shaping a more equitable and prosperous future.